BoA, Sokoto partner on agric funding

The Bank of Agriculture (BoA) and the Sokoto State government have signed a memorandum of understanding (MOU) that will see the bank disbursing N1 billion loans to farmers in the state.

Under the collaboration, BoA will provide N250,000 to each individual across the 23 local governments of the state.

The bank, in a statement, said 5000 farmers were expected to benefit from the initiative.

BoA Managing Director Dr. Mohammed K. Santuraki, praised the state government for the transformation in the state, especially in infrastructural development. Santuraki said Sokoto was blessed with immense water resources and dams which could be harnessed for the good of the masses.

He thanked the government for giving agriculture the highest priority, adding that both parties would benefit from the collaboration. He said the loan would be repaid within two years,

Also, the Governor, Alhaji Aliyu Wamakko, said the collaboration marked his administration’s first direct relationship with the bank. He was represented at the signing of the agreement by the Commissioner for Agriculture, Alhaji Arzika Tureta. Wamako promised to work with the bank to provide more money for farmers. He said the government would leverage the bank’s growth to improve the lot of farmers.

He reiterated the commitment of the government to reducing poverty and unemployment rates.

“Food security is paramount and we are determined to take all the necessary measures for the people in the state to have food on their tables,” he said.